This bill will require that the Housing Production Trust Fund be funded by at least $120 million of the real property transfer tax and the deed recordation tax combined; or 25% of the real property transfer tax plus 25% of the deed recordation tax, whichever is greater.

In 1998, the Council of the District of Columbia enacted legislation that established a permanent revenue fund be allocated to the HPTF, to support the construction, rehabilitation, and acquisition of housing for low-to moderate-income residents. Moreover, since 2003, two dedicated revenue streams (15% of real property transfer tax and 15% of the deed recordation tax) have gone directly into the Housing Production Trust Fund. In 2015, these taxes totaled $456 million, of which $68 million or 15% went to the HPTF with the remaining balance of the total $100 million coming from yearly budget allocations.

“This bill sets the Housing Production Trust Fund resources to at least $120 million annually by providing a guaranteed revenue stream, thus ending the need for yearly allocations from the budgeting process in order to address the affordable housing crisis that the District faces,” stated At-Large Councilmember Anita Bonds.

The legislation was co-introduced by council colleagues Robert C. White Jr., Brianne Nadeau, Kenyan McDuffie, and Trayon White and it was referred to the Committee on Housing and Neighborhood Development.

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